Financials MODEC, Inc.

Equities

6269

JP3888250002

Oil Related Services and Equipment

Market Closed - Japan Exchange Other stock markets 11:30:00 26/04/2024 am IST			5-day change	1st Jan Change
3,085 ^JPY	+2.83%		-1.91%	+33.09%

02/04	Shell Selects Modec to Deliver FPSO System Offshore Brazil	MT
01/04	MODEC, Inc. Secures FEED for Shell's Gato Do Mato FPSO Project in Brazil	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,50,166	1,05,551	77,612	76,776	1,58,336	2,10,727	-	-
Enterprise Value (EV) ¹	1,22,543	55,942	33,538	63,604	91,253	1,56,965	1,31,923	1,01,286
P/E ratio	-8.24 x	-8.07 x	-1.85 x	15.5 x	10.6 x	15.6 x	10.9 x	9.34 x
Yield	1.69%	2.4%	1.09%	-	0.86%	1.3%	2.59%	3.08%
Capitalization / Revenue	0.45 x	0.34 x	0.17 x	0.21 x	0.31 x	0.42 x	0.39 x	0.36 x
EV / Revenue	0.37 x	0.18 x	0.07 x	0.17 x	0.18 x	0.31 x	0.24 x	0.17 x
EV / EBITDA	-77.8 x	-3.08 x	-121 x	4.16 x	2.58 x	4.5 x	3.1 x	2.12 x
EV / FCF	-2,05,67,863 x	19,82,136 x	23,56,015 x	-	-	-	-	-
FCF Yield	-0%	0%	0%	-	-	-	-	-
Price to Book	1.23 x	1.15 x	1.36 x	0.71 x	1.12 x	1.33 x	1.33 x	1.21 x
Nbr of stocks (in thousands)	56,348	56,354	56,363	56,370	68,307	68,307	-	-
Reference price ²	2,665	1,873	1,377	1,362	2,318	3,085	3,085	3,085
Announcement Date	05/02/20	09/02/21	10/02/22	14/02/23	14/02/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,32,644	3,09,925	4,48,510	3,63,593	5,07,031	5,06,088	5,42,538	5,88,293
EBITDA ¹	-1,576	-18,170	-276.4	15,278	35,365	34,894	42,582	47,724
EBIT ¹	-4,841	-21,614	-36,521	-11,260	27,364	22,860	29,336	35,837
Operating Margin	-1.46%	-6.97%	-8.14%	-3.1%	5.4%	4.52%	5.41%	6.09%
Earnings before Tax (EBT) ¹	-15,558	-11,749	-39,597	7,277	30,446	15,327	20,590	28,449
Net income ¹	-18,227	-13,076	-41,860	4,960	13,691	13,050	19,325	22,563
Net margin	-5.48%	-4.22%	-9.33%	1.36%	2.7%	2.58%	3.56%	3.84%
EPS ²	-323.5	-232.0	-742.8	88.00	219.4	197.1	282.8	330.2
Free Cash Flow	-5,958	28,223	14,235	-	-	-	-	-
FCF margin	-1.79%	9.11%	3.17%	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	45.00	45.00	15.00	-	20.00	40.00	80.00	95.00
Announcement Date	05/02/20	09/02/21	10/02/22	14/02/23	14/02/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 Q2	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	1,56,446	1,08,325	2,28,180	95,141	1,25,189	81,310	-	1,87,951	1,00,398	75,244	99,472	1,21,847	2,30,337	1,35,456	1,35,230	1,14,800	1,26,000	1,34,400	1,70,800
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-12,090	-5,006	-3,341	-4,691	-28,489	-4,553	-	-2,625	-2,991	15,613	-1,808	4,145	1,102	5,884	14,151	3,360	6,104	8,400	12,530
Operating Margin	-7.73%	-4.62%	-1.46%	-4.93%	-22.76%	-5.6%	-	-1.4%	-2.98%	20.75%	-1.82%	3.4%	0.48%	4.34%	10.46%	2.93%	4.84%	6.25%	7.34%
Earnings before Tax (EBT)	-9,383	-	3,484	-6,845	-	-2,488	-	3,393	1,087	-	2,755	-	7,957	6,142	-	-	-	-	-
Net income ¹	-9,645	-2,553	1,322	-8,235	-34,947	-2,038	-	2,069	-186	3,077	413	2,989	3,449	1,829	8,321	1,591	3,520	5,019	7,168
Net margin	-6.17%	-2.36%	0.58%	-8.66%	-27.92%	-2.51%	-	1.1%	-0.19%	4.09%	0.42%	2.45%	1.5%	1.35%	6.15%	1.39%	2.79%	3.73%	4.2%
EPS ²	-171.2	-45.30	23.47	-146.1	-620.1	-36.18	-	36.71	-3.300	54.59	7.340	53.43	61.13	27.18	130.5	23.28	51.51	73.43	104.9
Dividend per Share ²	23.75	15.00	15.00	-	-	-	-	-	-	-	-	-	-	-	20.00	-	-	-	40.00
Announcement Date	05/08/20	03/08/21	03/08/21	02/11/21	10/02/22	11/05/22	10/08/22	10/08/22	09/11/22	14/02/23	11/05/23	10/08/23	10/08/23	09/11/23	14/02/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	27,623	49,609	44,074	13,172	67,083	53,762	78,805	1,09,441
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-5,958	28,223	14,235	-	-	-	-	-
ROE (net income / shareholders' equity)	-13.3%	-12.3%	-54.8%	5.9%	11%	8.98%	12.8%	13.5%
ROA (Net income/ Total Assets)	0.08%	-3.47%	-11.1%	1.14%	2.83%	1.7%	3.4%	3.5%
Assets ¹	-2,25,21,933	3,76,757	3,75,763	4,35,378	4,83,815	7,67,642	5,68,372	6,44,643
Book Value Per Share ²	2,161	1,622	1,014	1,911	2,061	2,323	2,319	2,558
Cash Flow per Share	-266.0	-174.0	-659.0	181.0	312.0	-	-	-
Capex ¹	2,710	2,781	3,401	915	1,131	4,500	5,192	5,192
Capex / Sales	0.81%	0.9%	0.76%	0.25%	0.22%	0.89%	0.96%	0.88%
Announcement Date	05/02/20	09/02/21	10/02/22	14/02/23	14/02/24	-	-	-

¹JPY in Million²JPY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for MODEC, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,085 JPY

Average target price

3,250 JPY

Spread / Average Target

+5.35%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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